Danish wave energy developer Wavepiston has informed that 60% of its equity issue of 100,000 shares has been subscribed.
Through the ongoing share issue, expected to last until March 30, 2018, Wavepiston is targeting the amount of $332,000 (DKK 2 million) to help fund two projects related to the optimization of energy collectors used for its wave energy system.
Each of the 100,000 shares has a nominal value of $0.17 (DKK 1), according to Wavepiston, while the price per share is $3.32 (DKK 20) In total DKK 2M.
Wavepiston said that the minimum subscription is 300 shares with a nominal value of $017 (DKK 1).
“The issue will ensure that we can complete the projects, and retrieve longer data series to verify the energy production and durability, and be ready for the demonstration phase, with an expected start in second half 2018,” Wavepiston said.
The company added it has recently received public grants from Eurostars and Innobooster, totaling $382,200 (DKK 2.3 million) for the energy collector optimization projects.
In relation to the preparations for the demonstration phase , Wavepiston added it is in the process of obtaining public grants, with the expectations of a minimum of $3.15 million (DKK 19 million) to test the full scale demo-system.
“After positive response on our grant applications and with positive results from the prototype, we plan for another equity issue end of 2018 of $1.7 million to $2.5 million (DKK 10 – 15 million) with a considerable higher valuation,” added Wavepiston.
To remind, over the last weekend, Wavepiston installed the latest version of the wave energy collector on the prototype string deployed off the coast of Denmark.
Its wave system consists of a steel wire stretched between two anchored buoys.
The device works when waves roll along the wire moving the plates back and forth. The moving plates pump seawater into pipe which leads it to a turbine that produces electricity.